Friday, July 17, 2009

Bank of America Posts a Profit on Trading Gains - NYTimes.com

Still, analysts said before the report that the bank will need to further buttress its capital. Bank of America said that its global card business lost $1.6 billion in the second quarter due to “weakening economies in the U.S., Europe and Canada.”

“I think they will need to build billions of dollars of loan loss reserves this quarter,” said Jeff Harte, a banking analyst at Sandler O’Neill before the report was released. “It’s going to cost them significantly.”
Bank of America Posts a Profit on Trading Gains - NYTimes.com
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